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ltc properties inc (LTC) Details

LTC Properties, Inc. operates as a health care real estate investment trust (REIT) in the United States. It invests in senior housing and long term healthcare properties, including skilled nursing properties, assisted living properties, independent living properties, and combinations through mortgage loans, property lease transactions, and other investments. Its portfolio consists of 89 skilled nursing properties, 102 assisted living properties, 14 other senior housing properties, 2 schools, and a parcel of land under development. As a REIT, the company would not be subject to federal income tax, if it distributes at least 90% of net taxable income to its stockholders. LTC Properties, Inc. was founded in 1992 and is based in Westlake Village, California.

ltc properties inc (LTC) Key Developments

LTC Properties Seeks Acquisitions

Feb 27 15

Clint Malin, Chief Investment Officer LTC Properties Inc. (NYSE:LTC) replied about investment opportunities on the SNF and appetite for acquisitions, "Yes, we're still very bullish in looking at skilled opportunities. And, we have some in our pipeline that were looking at. Pricing is probably somewhere in the 8.5% to 9% range, for skilled assets of a certain quality. So, it's something that were still actively looking at, and think that the risk-adjusted return on skilled is very positive."

LTC Properties, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Provides Fund Flow Guidance for the Year 2015

Feb 26 15

LTC Properties Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported total revenues were $30,755,000 compared to $28,593,000 for the same period a year ago. Operating income was $17,181,000 compared to $14,650,000 for the same period a year ago. Income from continuing operations was $21,000,000 compared to $14,650,000 for the same period a year ago. Net income was $21,000,000 compared to $14,650,000 for the same period a year ago. Net income available to common stockholders was $20,043,000 compared to $13,732,000 for the same period a year ago. Net income available to common stockholders per share was $0.57 compared to $0.40 for the same period a year ago. Diluted earnings per common share from continuing operations were $0.57 compared to $0.40 for the same period a year ago. FFO available to common stockholders was $22,818,000 compared to $19,969,000 for the same period a year ago. Normalized FFO available to common stockholders was $22,818,000 compared to $21,949,000 for the same period a year ago. Normalized adjusted FFO was $22,026,000 compared to $21,159,000 for the same period a year ago. Diluted FFO available to common stockholders per share was $0.64 compared to $0.57 for the same period a year ago. Diluted FFO available to common stockholders $23,775,000 compared to $20,887,000 for the same period a year ago. Diluted normalized AFFO was $22,983,000 compared to $22,077,000 for the same period a year ago. Diluted normalized AFFO per share was $0.62 compared to $0.60 for the same period a year ago. The increase in FFO was primarily due to higher revenues from mortgage loan originations, acquisitions and completed development projects. Additionally, the 2013 period included a one-time non-cash provision for loan loss reserve related to a mortgage loan origination and write-off of straight-line rent, partially offset by higher interest expense related to the sale of senior unsecured notes. The increase in normalized FFO was due to higher revenues from mortgage loan originations, acquisitions and completed development projects, partially offset by higher interest expense related to the sale of senior unsecured notes. The increase in net income available to common stockholders was primarily due to a gain on sale of 16 assisted living properties, as previously announced, an increase in revenues from mortgage loan originations, acquisitions and completed development projects. Additionally, the 2013 period included the one-time non-cash provision as detailed above. Revenues for the quarter increased nearly 8% or $2.2 million year-over-year, primarily reflecting investments made in the second half of 2013, along with completed development and capital improvement projects in 2014. During the quarter, the company invested $11.8 million in properties under development and capital improvement projects at a weighted average yield of 8.9%.
For the full year, the company reported total revenues were $118,961,000 compared to $104,974,000 for the same period a year ago. Operating income was $68,440,000 compared to $55,405,000 for the same period a year ago. Income from continuing operations were $73,399,000 compared to $55,405,000 for the same period a year ago. Net income was $73,399,000 compared to $57,815,000 for the same period a year ago. Net income available to common stockholders was $69,645,000 compared to $54,159,000 for the same period a year ago. Net income available to common stockholders per share was $1.99 compared to $1.63 for the same period a year ago. Diluted earnings per common share from continuing operations were $1.99 compared to $1.56 for the same period a year ago. FFO available to common stockholders was $90,215,000 compared to $77,260,000 for the same period a year ago. Normalized FFO available to common stockholders was $90,215,000 compared to $79,947,000 for the same period a year ago. Normalized adjusted FFO was $88,054,000 compared to $76,652,000 for the same period a year ago. Diluted FFO available to common stockholders per share was $2.55 compared to $2.29 for the same period a year ago. Diluted FFO available to common stockholders was $93,969,000 compared to $80,916,000 for the same period a year ago. Diluted normalized AFFO was $91,808,000 compared to $80,308,000 for the same period a year ago. Diluted normalized AFFO per share was $2.49 compared to $2.27 for the same period a year ago. Adjusted EBITDA was $107,097,000 against $92,280,000 a year ago. Normalized EBITDA was $107,097,000 against $94,967,000 a year ago.
Incorporating into 2015 transactions closed in the fourth quarter of 2014 and transactions that have closed in the first quarter of 2015, guidance for FFO is between $2.57 and $2.59.

LTC Properties Inc. to Report Q4, 2014 Results on Feb 26, 2015

Feb 13 15

LTC Properties Inc. announced that they will report Q4, 2014 results at 10:00 PM, GMT Standard Time on Feb 26, 2015

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